Buying Contract for Deed?

[Jason Varney]

Hi all,

I recently sent out the second batch of a direct mail marketing campaign and came across a situation in which I am not familiar. I may not even be asking the right questions here so please bear with me.

An out of town owner who owns a property outright in Jacksonville contacted me. After he purchased, he then sold it to a current occupant in a Contract for Deed. He lives in CA and no longer wants to deal with it and would like to sell the contract to me. He even mentioned that if I dont want to purchase, he'd pay me a finder's fee if I found someone to take it over. It's a 30 year contract at 8% that he put in place (29 years remaining).

I dont know a whole lot about this subject and how a deal would work. How would he get his money out of the deal and how would i step in to take over the contract? I really appreciate any input.